A Business at a Glance
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We are the leading digital platform for U.S. medical professionals, with over two million registered members as of March 31, 2025. Our members include more than 80% of U.S. physicians, spanning all 50 states and every medical specialty, along with over 60% of U.S. nurse practitioners and physician assistants, and over 90% of graduating U.S. medical students. Our mission is to help every physician be more productive and provide better care for their patients. We are physicians-first, putting technology to work for doctors instead of the other way around. That guiding principle has enabled Doximity to become an essential and trusted professional platform for physicians and their colleagues. Doximity puts modern software in the hands of physicians and other medical professionals.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 638M | 570M | 475M | 419M | 344M | 207M |
| Net Income | 239M | 223M | 148M | 113M | 133M | 22M |
| EPS | $1.28 | $1.11 | $0.72 | $0.53 | $0.70 | $0.23 |
| Free Cash Flow | 0 | 273M | 184M | 178M | 125M | 83M |
| ROIC | 22.6% | 22.8% | 16.2% | 13.5% | 14.8% | - |
| Gross Margin | 89.7% | 72.4% | 66.3% | 62.1% | 63.2% | 84.9% |
| Debt/Equity | 0.00 | 0.01 | 0.20 | 0.18 | 0.13 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 239M | 228M | 164M | 125M | 114M | 53M |
| Operating Margin | 37.4% | 39.9% | 34.5% | 29.9% | 33.0% | 25.8% |
| ROE | 24.4% | 22.5% | 15.8% | 12.2% | 15.2% | - |
| Shares Outstanding | 185M | 201M | 205M | 213M | 190M | 94M |
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 116M | 207M | 344M | 419M | 475M | 570M | 638M |
| Gross Margin | 87.2% | 84.9% | 63.2% | 62.1% | 66.3% | 72.4% | 89.7% |
| R&D | 32M | 44M | 62M | 80M | 82M | 93M | 116M |
| SG&A | 7.4M | 16M | 36M | 37M | 38M | 46M | 62M |
| EBIT | 22M | 53M | 114M | 125M | 164M | 228M | 239M |
| Op. Margin | 19.0% | 25.8% | 33.0% | 29.9% | 34.5% | 39.9% | 37.4% |
| Net Income | 11M | 22M | 133M | 113M | 148M | 223M | 239M |
| Net Margin | 9.3% | 10.4% | 38.8% | 26.9% | 31.0% | 39.1% | 37.5% |
| Non-Recurring | 0 | 4.7M | 0 | 0 | 7.9M | 2.3M | 2.3M |
| Returns on Capital | |||||||
| ROIC | N/M | N/A | 14.8% | 13.5% | 16.2% | 22.8% | 22.6% |
| ROE | -68.1% | N/A | 15.2% | 12.2% | 15.8% | 22.5% | 24.4% |
| ROA | N/A | N/A | 13.4% | 10.6% | 13.3% | 19.0% | 20.7% |
| Cash Flow | |||||||
| Op. Cash Flow | 26M | 83M | 127M | 180M | 184M | 273M | 315M |
| Free Cash Flow | 26M | 83M | 125M | 178M | 184M | 273M | 0 |
| Owner Earnings | 23M | 72M | 90M | 121M | 123M | 190M | 199M |
| CapEx | 285K | 245K | 1.9M | 1.7M | 147K | 0 | 0 |
| Maint. CapEx | 900K | 3.7M | 5.0M | 10M | 10M | 11M | 13M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | N/A | 0 |
| D&A | 900K | 3.7M | 5.0M | 10M | 10M | 11M | 13M |
| CapEx/OCF | N/A | N/A | 1.5% | 0.9% | 0.1% | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 2.0M | 2.7M | 85M | 281M | 120M | 368M |
| Buyback Yield | 0.0% | N/A | 0.0% | 1.3% | 5.1% | 1.0% | 8.9% |
| Stock-Based Comp | 2.4M | 7.3M | 31M | 48M | 51M | 72M | 103M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | -197M | -65M |
| Cash & Equiv. | 48M | N/A | 113M | 158M | 97M | 210M | 65M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 4.45 | N/A | 0.13 | 0.18 | 0.20 | 0.01 | 0.00 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Equity | 1.1M | N/A | 879M | 966M | 901M | 1.1B | 979M |
| Total Assets | 0 | N/A | 991M | 1.1B | 1.1B | 1.3B | 1.2B |
| Total Liabilities | 5.1M | N/A | 113M | 171M | 178M | 182M | 178M |
| Intangibles | N/A | N/A | 7.9M | 32M | 27M | 23M | 37M |
| Retained Earnings | N/A | N/A | 191M | 218M | 80M | 187M | 21M |
| Working Capital | N/A | N/A | 793M | 836M | 766M | 932M | 844M |
| Current Assets | N/A | N/A | 904M | 975M | 913M | 1.1B | 993M |
| Current Liabilities | N/A | N/A | 111M | 140M | 147M | 156M | 150M |
| Per Share Data | |||||||
| EPS | 0.13 | 0.23 | 0.70 | 0.53 | 0.72 | 1.11 | 1.28 |
| Owner EPS | 0.28 | 0.77 | 0.47 | 0.57 | 0.60 | 0.95 | 1.08 |
| Book Value | 0.01 | N/A | 4.62 | 4.54 | 4.40 | 5.38 | 5.29 |
| Cash Flow/Share | 0.31 | 0.89 | 0.66 | 0.84 | 0.90 | 1.36 | 1.36 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 83.3M | 93.7M | 190.4M | 212.9M | 205.0M | 201.1M | 185.0M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | 70.0 | 59.4 | 37.4 | 52.7 | 17.4 |
| P/FCF | N/A | N/A | 74.8 | 37.7 | 30.0 | 43.1 | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | 17.0 |
| Price/Book | N/A | N/A | 10.6 | 6.9 | 6.1 | 10.9 | 4.2 |
| Price/Sales | N/A | N/A | 34.9 | 17.9 | 12.2 | 15.0 | 6.5 |
| FCF Yield | N/A | N/A | 1.3% | 2.7% | 3.3% | 2.3% | N/A |
| Market Cap | 0 | N/A | 9.3B | 6.7B | 5.5B | 11.8B | 4.1B |
| Avg. Price | 0.00 | N/A | 62.98 | 35.23 | 28.20 | 42.58 | 22.25 |
| Year-End Price | 0.00 | N/A | 49.00 | 31.50 | 26.91 | 58.51 | 22.25 |
Doximity, Inc. passes 7 of 9 quality checks, indicating strong fundamentals.
Doximity, Inc. trades at 20.0x trailing earnings, compared to its 15-year median P/E of 56.1x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 11.1x vs a median of 40.4x. The company's 5-year average ROIC is 16.8% with a gross margin of 69.8%. Total shareholder yield (buybacks) is 8.9%. At current prices, the estimated annualized return to fair value is +19.4%.
Doximity, Inc. (DOCS) has a current P/E ratio of 20.0, compared to its historical median P/E of 56.1. The stock is currently considered Cheap based on its historical valuation range.
Doximity, Inc. (DOCS) has a 5-year average return on invested capital (ROIC) of 16.8%. This indicates strong capital allocation and a potential competitive advantage.
Doximity, Inc. (DOCS) has a market capitalization of $4.1B. It is classified as a mid-cap stock.
Doximity, Inc. (DOCS) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 8.94%.
Based on historical P/E analysis, Doximity, Inc. (DOCS) appears cheap. The current P/E of 20.0 is 64% below its historical median of 56.1. The estimated fair value CAGR (P/E method) is 14.8%.
Doximity, Inc. (DOCS) operates in the Services-Computer Programming Services industry, within the Technology sector.
Doximity, Inc. (DOCS) reported annual revenue of $570 million in its most recent fiscal year, based on SEC EDGAR filings.
Doximity, Inc. (DOCS) has a net profit margin of 39.1%. This is a strong margin indicating high profitability.
Doximity, Inc. (DOCS) generated $273 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Doximity, Inc. (DOCS) has a debt-to-equity ratio of 0.01. This indicates a conservatively financed balance sheet.
Doximity, Inc. (DOCS) reported earnings per share (EPS) of $1.11 in its most recent fiscal year.
Doximity, Inc. (DOCS) has a return on equity (ROE) of 22.5%. This indicates the company generates strong returns for shareholders.
Doximity, Inc. (DOCS) has a 5-year average gross margin of 69.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for Doximity, Inc. (DOCS), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Doximity, Inc. (DOCS) has a book value per share of $5.38, based on its most recent annual SEC filing.